Marc Hasenfuss Editor-at-large

Tagging Reinet, the international investment company controlled and managed by the Stellenbosch-based Rupert family, as a proxy for cigarette company British American Tobacco (BAT) may no longer be justified. Financial results to end March released on Tuesday showed a sharp drop in the value of the group’s 2.97% stake in BAT to €3.2bn from €4.25bn in 2017. This means the investment in BAT is far less dominant in Reinet’s portfolio than in preceding years. At the end of March, the significant minority holding in BAT represented 62.4% of the net asset value of Reinet’s total portfolio of €5.13bn compared with 71% in 2017. Five years ago, the BAT stake — which has been reduced over the years — represented 82.5% of Reinet’s portfolio value. In the 2007 financial year, BAT represented 85.7% of the portfolio value. Market watchers said the marked drop in BAT’s proportional representation in Reinet’s underlying value would help focus market attention on the group’s other investments, the b...

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